C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor
DIVC
New York Stock Exchange Arca- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Sep 11, 2014
- Similar Companies
- Business
- C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor (DIVC) comprises unsecured senior debt securities issued by Citigroup Inc. that provide investors with exposure to the performance of the Miller/Howard Strategic Dividend Index Total Return, reduced by an accrued investor fee of 0.70% per annum; the index tracks 30 equally weighted U.S.-traded stocks selected quarterly based on quantitative factors including dividend yield, expected dividend yield growth, market valuation relative to book value, return on invested capital relative to price-to-earnings ratio, and 26-week price momentum, with cash dividends notionally reinvested. Each C-Track has a stated principal amount of $25.00, trades on NYSE Arca under the ticker DIVC (CUSIP 17322H149), and targets income-oriented investors seeking large-value equity exposure through this exchange-traded note structure linked to the index sponsored by Miller/Howard Strategic Indexes, LLC. Originally issued on September 16, 2014 with inception on September 11, 2014 and scheduled maturity on September 16, 2024, the product operates principally in the U.S. financial markets, serving institutional and retail investors focused on strategic dividend strategies. The ETN delivers payments at maturity, early investor redemption (subject to a 50,000-unit minimum and 0.10% redemption charge), or issuer call (from September 16, 2015) based on the closing indicative value, calculated as the C-Tracks current value minus accrued fees, with final valuation over a multi-day observation period simulating a shift from index exposure to notional cash. Payments reflect daily return factors tied to index closing levels published by the CBOE as index calculation agent, exposing holders to full downside risk without principal protection or interest payments. Citigroup announced an early issuer redemption of the DIVC series on October 19, 2020, with the last trading day on October 30, 2020 and cash payments distributed on November 10, 2020 based on the closing indicative value during a one-day issuer redemption valuation period; this followed the issuer's 2015 decision to discontinue new issuances, which held approximately $100 million in principal outstanding as of June 2015. The product was subsequently delisted, reflecting its matured and redeemed status well ahead of the original 2024 maturity date amid low liquidity and market dynamics. No further issuances, partnerships, acquisitions, or product relaunches have occurred post-redemption.